what is the first thing to consider when starting a small business?

Question

what is the first thing to consider when starting a small business?

Answer 1

the first thing you have to decide what to do once you decide that you have to decide is the product or the service in demand in the locality after that decide on the sources of the funding to the business after you have done all and weighed all positive and negative sides you decide on what to do? and when to start

Answer 2

Overhead -vs- Profit. It is commonly known that the first year, perhaps two are not going to be a high profit, if any at all. You need capital...investors to keep the business and you afloat. Make sure your overhead is in the limits of your space and within your reach. Too many times, new business owneres tend to be too extravagant and gung ho. A business can expand along the ways of learning and by customer needs.



Hang on and keep the faith, if done right for a product in demand, the money will come.



Good Luck

Answer 3

How about why am I starting this small business and what is the need it is fulfilling? And don't say, because I've always wanted to ...



20 years ago, quick printing and copying was a great small retail business to run, but now The UPS Store and Fed-Ex Kinkos have become whales in that niche.



Do your research ... identify a solid need and talk to people who would purchase the product. Don't ever say 'everyone needs it' because everyone doesn't. Who is my best likey customer, and how can I talk to as many of them as I want.

Answer 4

write a business plan, you can get help from your local Small Business Associations, know your target market. You could have a great business idea, but if you have no market you will struggle and go under. From there know how you will finance your venture. Start small and grow. good luck

Answer 5

Is there a demand for the goods or service you're offering. If not than no matter how brilliant your business is and no matter what experts are on board or how much capital backing you have the business is doomed to failure.

Answer 6

Can you satisfy your customer as good or better than your competitors?



That's all that matters. If your Business Plan is in a industry segment that is crowded, than you need to prove what you offer is better than what they offer.



If it is a fairly new or uncrowded industry segment, prove to your customers that what you are selling is something they should buy, and establish yourself as the place to get that product/service.

Answer 7

When you are setting up your small business proposal make sure that you give yourself a wage, a lot of people seem to forget this.

Answer 8

What IS the business? That part don't happen automatically and you probably won't be thinking about that if you don't have any money.

Answer 9

Meet with the SBA (small bussiness assosciation). Make sure that the company is in demand in the area that you are putting it in.

Answer 10

Male sure you have the money... and a sponsor for your small business...

Answer 11

Having more money to get started than you think you will need. If you think you need 50K have 70K available.

Answer 12

the segment , product . services etc